USD/CHF: bears are winning

USD/CHF: bears are winning

Recommendation:

SELL 0.9585 SL 0.9630 TP1 0.9510 TP2 0.9475

On the daily chart, USD/CHF failed to overcome resistance at 0.9765. This points at buyer’s weakness. If bears manage to settle above 0.9650 and trigger Gartley pattern, risks of decline towards the lower border of the downtrend channel will increase.

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On H1, USD/CHF keeps forming “Widening wedge”. A break of support at 0.9585 will end the process (point 5) will strengthen the odds of a pullback to 78.6% and 88.6% of the last bullish wave.

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